Staff Reviews & Reader’s Guides
Recent Reviews:
Message form an Unknown Chinese Mother
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The Book of Lies: A Novel (P.S.) by Mary Horlock
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The Magician's Elephant
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The Tiger's Wife
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Enduring Love
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The Student Loan Scam: The Most Oppressive Debt in US History and How We Can Fight Back
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A college loan scam...
The Student Loan Scam: The Most Oppressive Debt in US History and How We Can Fight Back, by Alan Michael Collinge The author accumulated $38,000 in student loans for undergraduate school. After graduating, he consolidated these loans with Sallie Mae, an organization he believed was a non-profit government agency. Since the job he took after college didn’t last long, he was unable to make timely repayments, and his loan went into default. In several years with added fees and interest, his loan balance had swollen to $103,000. What he didn’t know when he took out his loans was that once college loans are consolidated with the lender, they can never be refinanced. Also, student loans are the only loans in US history to be non-dischargeable in bankruptcy. He also discovered that it profits lenders such as Sallie Mae to allow borrowers to go into default rather than to help prevent default. Collinge has been urging Congress to restore standard consumer protections to student loans. He offers a great deal of practical advice for borrowers, and background information on the profiteers of the college loan process. This book is highly recommended for anyone planning to take out college loans to help pay for the cost of college, to anyone in college planning on consolidating their loans, and to anyone, parents and students, concerned about paying off college loan debt.
